DSIJ Mindshare

The Reserve Bank of India (RBI) has recently overhauled the rules governing bank loan defaults in order to curb the menace of burgeoning NPAs of banks. 

Car insurance is one of the most important insurance policies a person buys after life insurance, health insurance and home insurance. But it is quite a frustrating experience if the car insurance claim gets rejected due to some reason. Read on to know more.

The general perception about these frauds and defaults is that these could have happened only with the active connivance between the bank officials and promoters of businesses. This perception holds true in cases such as Nirav Modi’s, but the corruption of bank officials and dishonesty of the promoters are not the only reasons why such mega frauds and defaults happen.

The decision of India’s largest public sector bank SBI to hike the interest rate on retail deposits, followed by an increase in MCLR rate by up to 20 basis points may be a precursor to the upward movement of interest rates going forward.

The Bill defines a ‘fugitive economic offender’ as any individual against whom a warrant for arrest in relation to a scheduled offence has been issued by any court in India and who leaves or has left India so as to avoid criminal prosecution and refuses to return to India to face criminal prosecution.